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Tajikistan Tightens Regulations for Financial Institutions

The government of Tajikistan has implemented a comprehensive set of regulations governing the country’s financial institutions. These laws aim to provide a framework for the regulation of banking activities, promoting transparency and stability in the financial sector.

Key Legislation

Two primary laws form the backbone of Tajikistan’s banking legislation:

• Law “On the National Bank of Tajikistan”: This law establishes the central bank’s responsibilities, including overseeing monetary policy, regulating banking institutions, and ensuring financial stability.
• Law “On banks and banking activities”: This law defines the meaning of a bank and non-banking financial institutions, outlining their relationships with customers and the government. It also stipulates requirements for establishing, registering, and licensing banks, including those with foreign capital.

Additional Guidance

The following laws provide additional guidance on banking activities:

• Civil Code of Tajikistan: This code provides general principles governing civil law, including banking-related matters.
• National Bank’s regulatory acts: These acts address specific issues such as bank registration, licensing, and sanctions for non-compliance.

Recent Measures

The National Bank has introduced recent measures to promote transparency and stability in Tajikistan’s financial sector. These include:

• Standards for bank operations and settlement procedures: These standards aim to ensure that banks operate efficiently and effectively.
• Guidelines for withdrawing licenses from non-compliant banks: These guidelines provide a framework for the National Bank to withdraw licenses from banks that fail to meet regulatory requirements.

By implementing these regulations, Tajikistan’s government aims to protect both customers and investors alike, promoting a stable and transparent financial sector.